JOHANNESBURG - The rand rallied during European trade yesterday on the back of broad US dollar weakness according to NKC Research.
The South African currency brushed aside weak local PMI figures and rode the wave of improved risk sentiment, which saw most emerging market currencies gain against the greenback. At the close of local trade, the rand quoted 1.8 percent stronger at R14.45/$, after trading in the range of R14.46/$ - R14.79/$. The rand traded stronger overnight. Expected range today R14.15/$ - R14.45/$.
South African bourse
The JSE All Share (+2.3 percent) ended higher yesterday lifted by large technology (+3.2 percent) and general retail (+1.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.6 percent) traded higher. In local news, the likes of Naspers (+8.6 percent) Aspen (+5.7 percent) were among the day’s top performers, as the bourse closed higher for the second straight day.
Brent crude oil
The Brent oil price ticked higher yesterday after trading in a narrow band, amid uncertainty over the global economic growth trajectory. At the close of local trade, the Brent oil price quoted 0.3 percent higher at $74.75/pb. Crude prices traded lower again during Asian trade this morning.